HOME / LEGAL UPDATES / THE “BUSINESS OF CREDIT INSTITUTIONS (AMENDMENT) (NO6) LAW OF 2015” EXTENDS THE PROHIBITION OF THE SALE OF LOANS UNTIL THE 30TH OCTOBER 2015

LEGAL UPDATES

The “Business of Credit Institutions (Amendment) (No6) Law of 2015” extends the prohibition of the sale of loans until the 30th October 2015

09.07.2015

Area(s) of Practice: Banking and Secured Financing

The Cyprus Parliament has approved a bill amending Section 58 of the Business of Credit Institutions Law, thus extending the prohibition of the sale, assignment or disposal of total or part of any loan and/or rights deriving from any loan facility contract until October 30, 2015. It is noted that Section 58 refers to the suspension of the enactment of the provisions of Section 16A which regulates the subject matter.